CARMEL, IN -- The City of Carmel and Anderson Birkla Investment Partners LLC broke ground on a $6 million construction project that will include 44 luxury apartments and Anderson Birkla's corporate headquarters. This boutique development will be called "The Mezz," which plays off the mezzanine level seating in The Palladium. These buildings will be located on both the east and west end of the James Building (The Tarkington Theater building) in City Center.
"The Mezz" on the Monon, on the east side of the James Building overlooking the Monon Trail, will be over 25,000 square feet, including residential amenity space on the first floor, possibly including a fitness studio, secure bike storage and a resident club area with Wi-Fi internet café and HDTV sports lounge. The upper four floors will be luxury apartments.
In addition to the luxury apartments along the Monon Trail, Anderson Birkla will build their corporate headquarters and luxury apartments on 40,000 square feet along the west side of the building on 3rd Avenue SW, called "The Mezz" on 3rd. The current plan calls for a five-story building with the first floor occupied by Anderson Birkla, and luxury apartments will be on the remaining four floors of this building as well.
"The City of Carmel is excited that Anderson Birkla decided to partner with us on this major project. These apartments will be perfect for residents who are looking for an urban feel, within walking distances to restaurants, shopping and events held at The Center for the Performing Arts. Carmel City Center is about bringing people together in our new downtown, and these apartments and offices will be the perfect addition," said Mayor Jim Brainard.
The City of Carmel has estimated that Anderson Birkla will pay more than $112,000 annually in property taxes for the apartments and additional office space. The City has also projected that tenants will pay $25,000 annually in local income taxes. Anderson Birkla has invested around $300,000 for water and sewer connection fees, parks department fees and building permit fees. They will pay $700,000 for the land in installments within the next six years. The City will provide trail improvements, plaza space, outdoor amenities and sidewalks for this development.
The land was sold to Anderson Birkla by the Carmel City Center Community Development Corporation (4CDC). The 4CDC is a formed public corporation under the provisions of the Indiana Nonprofit Corporation Act of 1991. The purpose of the 4CDC is to finance and lease the office building separate from the CRC, much as the City of Indianapolis used Community Development Corporations to finance and lease the Murat Theatre, the Circle Block Parking Garage, and other downtown projects. The Board of Directors of the 4CDC includes Carmel residents Richard F. Taylor III, President; Tom Crowley, Vice President and Ron Carter, Secretary.
Carmel City Center, our vibrant new downtown, is located on 88-acres in the heart of Carmel at the southwest corner of City Center Drive and Range Line Road featuring luxurious residences, specialty retail and restaurants, premier office space and The Center for the Performing Arts.